Regulation

Goldman Sachs to pay $5.5m to settle charges over pandemic-era audio records

The failures to comply with record-keeping rules for swap dealers relate to the investment banks’ staff communications during the Covid-19 pandemic

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Problems with its vendor system led to Goldman's failure to retain records of thousands of calls Photo: Getty Images

Goldman Sachs is to pay a $5.5m penalty from the US Commodity Futures Trading Commission over charges related to its failure to properly record and retain audio files of trading communications.

The failures to comply with record-keeping rules for swap dealers relate to the investment banks’ staff communications during the Covid-19 pandemic, when many were forced to work remotely, triggering an uptick in violations and debate around workplace compliance.

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